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FxWirePro: EUR/AUD steadies above 1.7900 level, retains bid tone

• EUR/AUD moved higher  on Wednesday  as investors remained cautiously optimistic about the fragile ceasefire between Israel and Iran.

• The tentative truce helped de-escalate geopolitical tensions and lifted global risk sentiment, encouraging investors to move back into riskier assets.

• On the data front, Australian inflation eased more than expected in May, with CPI rising 2.1% year-on-year, down from 2.4% in April and below the 2.3% forecast, according to data from the ABS on Wednesday.

• Technical signals are bullish  as RSI is at 62, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.7950( Higher BB), any close above will push the pair towards 1.8000(Psychological level)

• Strong  support is seen at 1.7760 (50% fib ) and break below could take the pair towards 1.7703  (20 SMA).

Recommendation: Good to buy  around 1.7890, with stop loss of 1.7800  and target price of 1.7960

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